The morning news. [volume] (Savannah, Ga.) 1887-1900, 1887-09-03
A WEEK FULL OF FRAUDS
THE STOCK MARKETS RALLIES
ONLY SPASMODiC.

The Difficulties Resultant From Ex-
oessive Speculation Not Yet over
come Railroad Earnings Excellent
Trade Reports Encouraging-Large
Offers of Southern Iron Go Begging
For Takers.
NEW YORK, Sept. 2.-R. G. Dun Il Co. Is
weekly review of trade says: joyful raj
lies in the markets for moment hid the
effect of failures and frauds in rather UNI
usual numbers. The vanishing of q Saco
bank official, warrants for the arrest of
Pcll and Meter, the suit by the stockholders
to protect the Hamilton and Dayton road
from improper acts of Ives and others, the
failure OF Powell q Co., of Philadelphia,
who were said to take out 6O0,00 tons of
coal yearly, of Pennock & Co, of the Val
ley Iron Works. of Pennsylvania, and of
the Boston coal firm connected with
Powell are incidents which operate against
lasting restoration of confidence. The sale
of the Baltimore and Ohio Express Com
pany supplies cash for some time to come,
but does not involve an adjustment of other
interests, as the street imagines. The sale
of valuable securities by the Oregon Trans
iOohS W a
change in the management OF that and con
Meeting companies, father than general
liquidation.
MAD sPECULATIoN's EFFECTS
But all these and other changes do not re-
move the difficulties which excessive specu-
lation has caused. Stocks improved rapidly
Thursday, but had reached at the close Of
August a decline of S. 81 per share from
Aug. IS and So per share for the month
Reviving confidence i'll this market
appears to have for its chief basis
a belief that heavy operators want
prices higher, rather than well founded as
surance of a change in the condition of
properties or of business
Railroad earnings continue excellent.
Lake traffic is more active, Buffalo's grain
receipts exceeding the previous year by
1000, 900 bushels. Illinois railroads report
that only eleven out of fifty-four paid any
dividend last year, and litigation growing
out of the interstate law nultiplies rapidly.
Crop reports are unchanged as TO wheat,
still conflicting as TO corn, and decidedly
more unfavorable as TO cotton, the injury in
the Memphis district being reported as II
per cent. in Tennessee, and from % to Is
per cent. in adjacent parts of Alabama,
Mississippi and Arkansas. New Orleans
also reports the prospects declining week by
week In some parts of the Northwest corn
was materially helped by rains, but in Others
scarcely at all.
TRADE REPORTS GOOD.
Trade reports are uniformly encouraging
with fair collections at all points heard
from, and generally an improving outlook
for trade. Money is stringent or in brisk
demand at some points, but generally in
fair supply.
The boot and shoe trade is better, with
more satisfactory orders from the regions
of the drought than were expected.
Dry goods reports show improvement
with fair movement in light woolens,
though the demand does not yet start much
of the idle machinery Wool remains dull,
the unloading of Western spectators hav-
ing come sooner than was expected
The failures in the iron and coal trades
have a discouraging tendency, and s.at Phil
tinized Large offers of Southern iron are
reported without bidders, but prices for the
best grades are not changed.
THE COAL OUTPUT
The coal output continues large, and for
the year u per cent. more anthracite has
been taken out than in the same months Of
1886
In spite of all disbursements, the stock Of
cash in the Treasury has increased 50, 400, :
600 during the month.
The Bank of England has raised its rate
Foreign exchange has fallen, but at present
| the pressure for money here is felt in com
| mercial, rather than in speculative, circles.
The business failures occurring through
| out the country during the last week num-
Der for the United State us and TO" Canada
| "a total of 1879, against 1856 last week, and
| 161 the week previous.